Over 30,000 companies, spanning 120 different countries, are using SAP ERP Financials to conduct their financial management. Noteworthy names include General Mills and Office Max. SAP ERP Financials is a part of SAP’s Business Suite, an application that acts as a horizontal solution for nearly any vertical industry or company size, including multinational corporations.
Functionality includes financial management, risk analysis, and compliance. The modules of SAP ERP Financials perform core accounting and reporting, management of accounts receivable, shared services, and other functions. Receivables management is particularly effective, as this component of SAP ERP Financials allows companies to investigate the causes behind late payments to claim revenue more quickly and decrease days sales outstanding. This boon to revenue is a concrete example of how the system delivers return on investment to its users.
With its management accounting functionality, the system also allows analysts and managers to interact with the same data as company accountants. This improves financial communication across the enterprise. The standard financial accounting capabilities of the system allow financial statements, fast close functions, and parallel valuations in addition to the usual General Ledger support.
SAP ERP Financials conforms to the most important industry standards, including GAAP and IFRS. Treasury applications support risk management functions and integrate with the General Ledger to ensure compliance with regulations and financial reporting standards. The system can support internal banks and payment centers to perform sophisticated cash allocation and analysis. There are 45 country-specific versions of SAP ERP Financials available - a testament to its widespread popularity.